Highlights

  • Second quarter 2026 revenues rose to $2.98 billion, while the net loss widened to $388 million from $201 million.
  • The Investment Funds returned negative 10.9% in the quarter, and the company's stake in them fell to $1.7 billion.
  • Icahn Automotive agreed on July 19 to sell Pep Boys to Mavis Tire Supply for a $700 million base price.
  • The board declared a $0.50 quarterly distribution per depositary unit, payable in cash or additional units at holders' election.

Icahn Enterprises (NASDAQ:IEP) shares were trading near their 52-week low at USD 6.16 on October 21, 2026, down 3.90%. The diversified holding company reported second quarter 2026 results in its Form 10-Q filed on August 5, agreed in July to sell its Pep Boys business for a base price of $700 million, and declared a distribution of $0.50 per unit on August 3.

Icahn Enterprises is a master limited partnership formed in Delaware on February 17, 1987, and headquartered in Sunny Isles Beach, Florida. It owns subsidiaries in seven continuing businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma,. Carl Icahn and his affiliates owned about 87% of the outstanding depositary units at June 30, 2026. Its fiscal year ends December 31.

Second Quarter: Higher Revenue, Wider Loss

For the three months ended June 30, 2026, consolidated revenues were $2,975 million, up from $2,369 million a year earlier. The net loss was $388 million against $201 million, and the net loss attributable to Icahn Enterprises was $355 million against $165 million, or $0.52 per limited partner unit against $0.30.

The Investment segment was the largest source of the loss, with a net loss of $312 million against $34 million a year earlier. The Investment Funds returned negative 10.9% for the quarter and negative 18.2% for the six months. The company said short positions produced losses, including $332 million from broad market hedges, partly offset by gains in long positions.

Energy moved the other way. The segment's revenues rose 55% to $2,745 million and it earned net income of $34 million, against a net loss of $102 million a year earlier. The company tied the gain mainly to higher refinery throughput, since the prior-year period included a planned maintenance shutdown, and to higher fuel prices. Automotive narrowed its loss to $10 million from $25 million as store closures trimmed revenue to $354 million.

Liquidity, Debt and Distributions

At June 30, 2026, the Holding Company had about $381 million of cash and cash equivalents and about $4.4 billion of total debt. Its investments in the Investment Funds were worth about $2.0 billion at quarter end, down from $2.7 billion at December 31, 2025, and about $1.7 billion by July 31. Carl Icahn and his affiliates, excluding the company, gave notice in July of a $275 million redemption from their personal interest.

The company said it complied with all covenants under its senior note indentures at June 30, though its indentures do not permit additional debt other than refinancing notes. Its risk factors warn that continued weak fund performance could affect its ability to service debt, and they cite lawsuits and government inquiries that followed a May 2023 short-seller report.

Distributions were paid in a mix of units and cash. In April and June 2026, holders who did not elect cash received 34.8 million and 38.9 million additional depositary units, while cash elections totaled $51 million and $52 million. Up to $363 million of units remained available under the at-the-market program at June 30.

Outlook: Pep Boys Sale and Next Distribution

The filing contains no numerical earnings guidance. As of its date, the company expected the Pep Boys sale to close in the coming months, subject to customary conditions, and to add cash at the Holding Company. The company will keep the AAMCO Transmissions and Precision Tune Auto Care businesses.

The board's August 3 distribution of $0.50 per unit was set for payment on or about September 23, 2026 to holders of record on August 17. The company also said at filing that it was considering potential strategic transactions with CVR Energy, with no assurance on timing or outcome.